As at 1 November 2011
NPT LIMITED''S STRONG LEASING ACTIVITY
LIFTS WEIGHTED AVERAGE LEASE TERM TO 6.2 YEARS
Strong leasing activity at NZX-listed property company NPT Limited has lifted
its weighted average lease term (WALT) to 6.2 years, up from 3.4 years seven
months ago at 31 March 2012, the company announced today.
NPT chief executive Kerry Hitchcock says, "Two leases have recently been
signed in NPT''s Auckland property in the AA Centre at 99 Albert Street. AA
Insurance has signed a six year lease, with a six year right of renewal, for
5,798m2 extending over six floors of the 18-level building. We will be
refurbishing the ground floor and upgrading the washrooms on five floors over
the next eight months."
Also in the AA Centre, the Department of Internal Affairs has renewed a lease
for a further three year term for two floors for an area totalling 2,020m2.
East Christchurch''s Eastgate Shopping Centre has two new leases in place. In
late October national bookstore and stationery retailer PaperPlus confirmed a
lease for a 375m2 ground floor space; the lease is for for six years with a
six year right of renewal. The fit-out of the new store will take place
immediately to enable it to open in early December; this will allow PaperPlus
to take advantage of Eastgate''s brisk Christmas trade.
Number One Shoes recently signed a six year lease for 800m2 of the centre''s
newly reconfigured ground floor space. The new store is expected to open in
mid-November. Lincraft, the Australian fabric, craft and home furnishing
store, opens its new store in late November. It has an eight year lease for a
In May, Heinz Wattie''s signed an extended lease for 15 years (to 2027) for
its National Distribution Centre, located in Hastings, for 50,000m2 of space.
From 1 October NPT has terminated its head lease early over Christchurch''s
Avonhead Shopping Centre; the lease had almost 14 months to run. No
termination or make-good costs associated with the early termination were
payable. NPT says that this early termination is a positive step for the
company; there were risks in the head lease arrangements with vacancies and
make-good costs. The lease had provided minimal income to the company and was
a distraction for management. Having terminated its head lease obligations on
Hornby''s HWMC Warehouse property and Avonhead NPT can better focus on its own
. . . / 2
" We are very pleased to see NPT''s weighted average lease term increase from
3.4 years to 6.2 years over a seven month period. The company has received
tremendous support from the real estate community and our team has worked
hard to secure these leases. We believe the increased WALT is a signal of
strong tenant demand as well as confidence in the company''s properties," says
NPT Limited is an NZX-listed company (NPT). It has a diversified portfolio of
retail, commercial and industrial properties.
For more information, please contact:
Kerry Hitchcock M 021 937 688
Chief Executive Officer E firstname.lastname@example.org
NPT Limited E www.npt.co.nz
Key Facts about NPT Limited
o NPT Limited is listed on the NZX; its code is NPT.
o The board comprises Sir John Anderson (chairman), Kerry Hitchcock, Jim
Sherwin, Tony McNeil and David Cushing.
o The chief executive officer is director Kerry Hitchcock; chief financial
officer is Marshall Maine.
o NPT has a diversified portfolio of retail, commercial and industrial
End CA:00229221 For:NPT Type:GENERAL Time:2012-11-01 15:23:42